Home sales in the Greater Toronto Area plunged 20.3 per cent last month compared with a year ago, according to the latest data from the country's largest real estate board, a sign that recent efforts to cool the searing market are having the desired effect.
Mayor John Tory has been outspoken on his wish list for the provincial government, asking for support for affordable housing, funds for public transit, and relief for parents paying pricey childcare costs.
Ontario's finance minister can't say whether a tax on foreign homebuyers -- the centrepiece of the Liberal government's new package of housing measures -- will have an effect on the red-hot Greater Toronto Area market.
Ontario is following British Columbia's lead, promising to introduce a tax on foreign homebuyers that the province hopes will help cool the frantic housing market, easing concerns about a potential bubble in Canada's fastest growing urban region.
The Ontario government is expected to unveil a suite of housing affordability measures in the coming days aimed at cooling soaring home prices in the Greater Toronto Area. Here are five potential measures the province could bring forward to tackle housing affordability.